Poverty Reduction and Growth Trust—Guidance Note on the Strengthened Policy Safeguards
April 8, 2025
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In October 2024, as part of the Review of the Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF Executive Board established the “Strengthened
Policy Safeguards (SPS)”—combining and replacing the previous High Access Procedures (HAP) and Enhanced Safeguards for debt sustainability and capacity to
repay (ES)—thereby streamlining a key part of the safeguards framework for Fund lending. The SPS operates alongside the exceptional access framework and the Policy
Safeguards for High Combined Credit (PS-HCC). The SPS framework applies when proposed access under a new arrangement, the Rapid Credit Facility (RCF), or an
augmentation of access under an arrangement in the Poverty Reduction and Growth Trust (PRGT) exceeds certain access thresholds, and when countries at high risk of, or in,
overall debt distress request financing. This note provides guidance on how to implement the SPS. It supersedes the 2022 guidance note on enhanced safeguards.
Policy Safeguards (SPS)”—combining and replacing the previous High Access Procedures (HAP) and Enhanced Safeguards for debt sustainability and capacity to
repay (ES)—thereby streamlining a key part of the safeguards framework for Fund lending. The SPS operates alongside the exceptional access framework and the Policy
Safeguards for High Combined Credit (PS-HCC). The SPS framework applies when proposed access under a new arrangement, the Rapid Credit Facility (RCF), or an
augmentation of access under an arrangement in the Poverty Reduction and Growth Trust (PRGT) exceeds certain access thresholds, and when countries at high risk of, or in,
overall debt distress request financing. This note provides guidance on how to implement the SPS. It supersedes the 2022 guidance note on enhanced safeguards.
Subject: Debt service, Debt sustainability, External debt, Public and publicly-guaranteed external debt, Public debt
Keywords: consultations, Country Documents, CtR table, Debt service, Debt sustainability, Debt sustainability analysis, financing request, Guidance note, IMF concessional lending, Informal Board, PRGT facilities framework, PRGT Safeguards., Public and publicly guaranteed external debt, Public and publicly-guaranteed external debt, Reducing debt vulnerability, SPS framework, SPS trigger, transparency policy
Pages:
37
Volume:
2025
DOI:
Issue:
006
Series:
Policy Paper No. 2025/006
Stock No:
PPEA2025006
ISBN:
9798229004985
ISSN:
2663-3493
